EoW July 2007

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EuroWire – July 2007 27
english corporate news
Borouge awards
contracts for
expansion project
Borouge, Singapore, has awarded contracts
valued at approximately US$3 billion for
Borouge 2, the major expansion project
at the company’s production facilities in
Ruwais, Abu Dhabi in the United Arab
Emirates.
The first contract, worth approximately
US$1.855 billion, was awarded on a lump
sum turnkey basis to Tecnimont SpA, Italy.
This contract will see the development
of two Borstar polypropylene plants
with a combined annual capacity of
800,000 tons, and a new Borstar Enhanced
PE plant with an annual capacity of
540,000 tons, to complement the existing
600,000 tons per year unit.
Preliminary work on the polyolefins unit
will begin immediately and is scheduled
to be completed in 2010.
The second contract, for an estimated
value of US$1.234 billion, is with Tecnicas
Reunidas SA, Spain, and was awarded on
a convertible lump sum basis.
This contract is to construct the offsite
and utility facilities to all the associated
EPC packages for the Borouge 2 project.
Preliminary work will begin immediately
and is also scheduled to be completed
in 2010.
These contract awards represent an
important step in the Borouge 2 project,
whichwill tripleBorouge’s annual production
capacity to two million tons of polyolefins.
This increased capacity will enable
Borouge and its customers to supply high
performance products in an increasingly
broad range of demanding applications.
The company has already signed a US$1.3
billion contract with Linde Engineering
for the construction of a new ethylene
cracker.
The contract was awarded to Linde on a
lump sum turnkey basis, with preliminary
work already under way and completion
scheduled for 2010.
Harald Hammer, chief executive of the
Borouge marketing company, said:
”Borouge has made extraordinary
achievements since its inception in 1998
and market acceptance of the Borstar
range has been exceptional.
These contracts increase the momentum
of the Borouge 2 expansion which will
bring additional Borstar Enhanced
Polyethylene and now Borstar Enhanced
Polypropylene to customers across the
Middle East and Asia-Pacific.”
Borstar is Borealis’ proprietary technology
that supports differentiated PE and PP
products.
It enables production of tailored plastic
grades that reduce costs through efficient
processability.
Other benefits include short start-up
times, quick transitions among grades
and the capacity to produce a whole
range of product mix in one cycle.
Borouge – Singapore
Email:
Website:
Loan deal
Rusal – one of the world’s top-three
aluminium producers – has secured a
syndicated loan of US$500m to bring the
Khakas Aluminium Smelter, Russia, up to
full capacity and refinance the previously
secured loans.
The following banks joined the
transaction in the syndication phase
– Calyon, BLB, HSBC, Mizuho, Natixis,
Sberbank of Russia, SG and SMBC.
Rusal – Russia
Fax: +7 495 720 5171
Email:
Website:
Striking it rich in NorthWest Russia!
Eurasia Mining has made a new platinum group metals discovery on its licence
at Volchetundra in North West Russia, where the first US $10m of exploration is
funded by Anglo Platinum.
A drill hole on the northern half of the licence area intersected several zones of
platinum mineralisation, with grades between 1.9 and 11 grams per ton of platinum
and palladium.
Volchetundra, near the city of Monchegorsk on Russia’s Kola Peninsula, is one of
three licences held within the Eurasia/Anglo Platinum joint venture in the region.
Initial appraisal work is also underway on the other licences, Monchetundra and
West Imandra.
Eurasia Mining Plc – UK Fax: +44 207 493 8858
Email: Website:
the industry’s most important
source of information . . .
Seated, from left, Harri Bucht, CEO Borouge
production company and Fabrizio Di Amato,
chairman of Tecnimont SpA, of Italy, sign the
US$1.855 billion contract to construct three
new Borstar® polyolefins units for the Borouge
2 project.
Standing behind, from left, are Ali Abdalla
Al Fahim, senior vice president Borouge 2
Projects, and Roberto Abeni, director of sales
petrochemicals, Tecnimont SpA
▲ Front row, seated, from left, Harri Bucht, CEO
Borouge production company and Juan Ilado
Arburua, vice chairman and CEO of Tecnicas
Reunidas SA, of Spain, sign the estimated
US$1.234 billion contract to construct the
offsite and utility facilities for the Borouge 2
project expansion in Ruwais
Standing, from left, are Ali Abdalla Al Fahim,
senior vice president Borouge 2 Projects, and
Stuart Steele, vice president sales, Tecnicas
Reunidas SA
▲